Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
C
cindybparky
July 5, 2023
Question

If you make under $40k in capital gains in a year, do you still pay 10% tax on the amount?

  • July 5, 2023
  • 1 reply
  • 0 views
Canadian taxes

    1 reply

    D
    Dhiv
    April 30, 2024

    Hello,

     

    Your taxable capital gain is 50% of your proceeds minus your adjusted cost base, however the amount of tax you pay depends on your total income, personal situation and your province of residence.  You can find more information here:

     

    https://turbotax.intuit.ca/tips/how-to-reduce-capital-gains-tax-in-canada-6546#:~:text=cottages-,How%20Canada's%20Capital%20Gains%20Tax%20works,and%20your%20province%20of%20residence.

     

    Hope this helps!

    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification